Baxter, MN Cost of Living

Baxter cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

An overview of the general cost of living index for Baxter, MN is displayed above for your reference. Residents in Baxter, MN enjoy a cost of living index of 101. This index is 2% lower than the Minnesota average, and 1% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Baxter, MN, the average cost of goods and services is 3% lower than it is in Minnesota, and it is 4% higher than the national average.

Did you know?

The cost of living in Baxter is 2% lower than the Minnesota average.

The cost of living in Baxter is 1% higher than the national average.

The cost of housing in Baxter is 3% lower than the national average.

Minnesota general sales tax is 35% higher than the national average.

Minnesota state income tax is 141% higher than the national average.

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Health care index

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Use the salary calculator to compare your current salary in Baxter, MN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Baxter, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Baxter, MN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$70,714

$5,893

$1,650

$2,122

Renters

$41,191

$3,433

$961

$1,236

The affordability of the housing market in Baxter, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Baxter, MN homeowners, the median income is $70,714. This indicates that a monthly maximum of $1,650 should be spent by homeowners on all housing related costs. Renters have a median income of $41,191. This indicates that renters should have a maximum of $961 used for their rent related monthly costs.

Minnesota Sales Tax

State

General Sales Tax

With Max Surtax

Minnesota

6.875%

7.875%

Minnesota Income Tax

State

Income Tax (Low)

Income Tax (High)

Minnesota

5.35%

9.85%

The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Baxter, MN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Minnesota sales tax is 6.875% and the maximum surtax is 7.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

Item

Baxter

National avg.

Difference

Haircut

$21.63

$14.59

48.2%

Beauty Salon

$29.50

$34.68

14.9%

Toothpaste

$3.02

$2.47

22.1%

Shampoo

$1.04

$1.02

1.8%

Movie

$10.00

$9.87

1.3%

Bowling

$3.98

$4.39

9.4%

Groceries

Item

Baxter

National avg.

Difference

Ground Beef

$4.94

$4.48

10.3%

Fried Chicken

$1.99

$1.46

35.9%

Milk

$2.64

$2.36

12.0%

Potatoes

$1.99

$3.06

35.0%

Pizza

$8.00

$9.24

13.4%

Beer

$8.99

$8.63

4.1%

Health Care

Item

Baxter

National avg.

Difference

Optometrist

$120.00

$99.78

20.3%

Doctor

$159.50

$105.03

51.9%

Dentist

$84.75

$88.70

4.5%

Ibuprofen

$10.47

$9.41

11.2%

Lipitor

$297.89

$298.50

0.2%

Housing

Item

Baxter

National avg.

Difference

Home Price

$168,800.00

$175,700.00

3.9%

Avg. Mortgage Payment

$820.96

$1,081.03

24.1%

Apartment Rent

$900.00

$920.00

2.2%

Transportation

Item

Baxter

National avg.

Difference

Gasoline

$1.92

$2.09

8.2%

Tire Balancing

$42.25

$45.29

6.7%

Utilities

Item

Baxter

National avg.

Difference

All Electricity

$162.93

$170.80

4.6%

Phone

$22.89

$28.26

19.0%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.